function GJ_figuresA2_A3(parameters)
 

%% Create range of corporate governance levels

    data=[];
    data=1:0.1:20; % Range of theta to display

        for i=1:length(data)
        parameters.theta=data(i);
        data_param(i)=data(i);
     
        [equity_volatility, leverage, credit_spread, debt_coupon, default_boundary, firm_value, equity_value, expropriation_benefits] = corpo_static(parameters);

        benefits(i) = expropriation_benefits;  
        cs(i)       = credit_spread;     
        c(i)        = debt_coupon;
        XD(i)       = default_boundary;
        vol(i)      = equity_volatility;  
        fv(i)       = firm_value; 
        E(i)        = equity_value; 
        L(i)        = leverage;
        end


%% Create figures  

% Figure A.1: Corporate governance, endogenous policies, and asset valuation

Width = 900; Height = 900; linewidth = 2;

hfig=figure;
set(hfig,'Position',[232 100 Width Height],'PaperPositionMode','auto','InvertHardcopy','off')

subplot(3,2,1)
hl1 = line(data_param, benefits,'Color','b');
ylabel('Expropriation benefits, $b$','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('AGENCY CONFLICTS (A)','Interpreter','latex'); grid on

subplot(3,2,2)
hl1 = line(data_param, XD,'Color','b');
ylabel('\textup{Default boundary}, $x_D$','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('DEFAULT POLICY (B)','Interpreter','latex'); grid on

subplot(3,2,3)
hl1 = line(data_param, c,'Color','b');
ylabel('Debt coupon, $c$','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('DEBT POLICY (C)','Interpreter','latex'); grid on
ylim([1.1,1.2]);

subplot(3,2,4)
hl1 = line(data_param, cs,'Color','b');
ylabel('\textup{Credit spread (bps)}','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('DEFAULT RISK (D)','Interpreter','latex'); grid on

subplot(3,2,6)
hl1 = line(data_param,fv-E,'Color','b');
ylabel('Debt value','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('DEBT VALUATION (F)','Interpreter','latex');grid on
ylim([21,24]);

subplot(3,2,5)
hl1 = line(data_param,E,'Color','b');
ylabel('Equity value','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('EQUITY VALUATION (E)','Interpreter','latex');grid on
ylim([55,65]);


% Figure A.2: Corporate governance, market leverage, and equity volatility

Width = 900; Height = 300;
 
hfig=figure;
set(hfig,'Position',[232 100 Width Height],'PaperPositionMode','auto','InvertHardcopy','off')
 
subplot(1,2,1)
hl1 = line(data_param,L,'Color','b');
ylabel('Debt-to-assets (\%)','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('MARKET LEVERAGE (A)','Interpreter','latex');grid on
grid on
ylim([25,30]);
 
subplot(1,2,2)
hl1 = line(data_param,vol,'Color','b');
ylabel('Equity volatility (\%)','Interpreter','latex');
ax1 = gca;set(ax1,'XColor','k','YColor','k');
xlabel('Corporate governance, $\vartheta$','Interpreter','latex');
set(hl1,'LineStyle','-','LineWidth', linewidth);
xlim([min(data_param),max(data_param)]);
title('EQUITY VOLATILITY (B)','Interpreter','latex');grid on
grid on

end

